Canara Bank Personal Loan

• Loan amount: The loan amount offered by Canara Bank on various personal loan schemes goes upto Rs. 5 lakh
• Flexible tenure: The tenure depends upon the type of personal loan scheme that you choose and varies from 34 months to 60 months to 120 months
• Multiple options: Canara Bank offers various loan schemes that are designed for different individuals. These schemes are Canara Budget, Canara Pension, Canara Teachers Loan, Canara Rent, etc.
• Online application: Canara Bank personal loan can be applied online from the comfort of your home or office and ensures less documentation and quick disbursal of loan amount

The loan is offered to meet genuine/personal needs other than speculative purpose. The bank offers a personal loan amount of Upto Rs. 3 lakh and it can be repaid within 60 months.

Canara Budget – Interest Rates and Fees

One year MCLR of the bank is 8.50%

Canara Budget – Eligibility Criteria

• You should be a confirmed employee of reputed PSUs and joint stock companies

Or

Central / State Government officials

Or

Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities

Or

IT/BT Companies

• You must have a salary account with the branch
• Your minimum monthly salary should be either Rs. 10,000 or should not be less than 25% after meeting the proposed monthly instalment

Canara Budget – Documents Required

• Stipulated Loan Application with 2 copies of passport size photographs
• Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years
• Co-obligation

This loan is offered to the pensioners to meet their medical expenses and other personal needs. You can avail a loan amount of upto Rs. 5 lakh. If you are below 65 years, you can repay the loan within 72 months and if you are below 65 years, you can repay the loan within 60 months.

Canara Pension – Interest Rate and Fees

Canara Pension – Eligibility Criteria

The following pensioners who are drawing their pension through Canara Bank are eligible for this loan:

• All State Government Pensioners
• All Central Government Pensioners (viz., Central, Civil, Railways, Defence,  Armed Forces, Defence Civilians and Freedom Fighters etc.)
• Pensioners of all Government Department Undertakings
• Pensioners of all Public Sector Undertakings/Corporate Pensioners
• Family Pensioners of all the above categories

Canara Pension – Documents Required

• Stipulated Loan Application with 2 copies of passport size photographs
• Co-obligation (unless waived)
• Delivery letter to DPN

This loan is offered to ex- employees of Canara Bank to meet genuine personal needs, medical expenses and to make payment of premium of IBA Group Mediclaim Insurance Policy for Retired Employees of Canara Bank/Family Pensioners of Retired Employees of the bank who have opted for and are covered under the scheme.

Canara Pension (Canara Bank Ex-Employees) – Interest Rate and Fees

Canara Pension (Canara Bank Ex-Employees)- Eligibility Criteria

Pensioners and family pensioners of Canara Bank can avail this loan.

Canara Pension (Canara Bank Ex-Employees) – Documents Required

• Stipulated Loan Application with 2 copies of passport size photographs
• Co-obligation (unless waived)
• Delivery letter to DPN

This loan is offered to teachers to fulfil personal/domestic needs and not for speculative purposes. You can opt for a loan amount of upto Rs. 3 lakh and can repay it by 48 months.

Canara Teachers Loan – Interest Rate and Fees

 Canara Teachers Loan – Eligibility Criteria

• You should be a part of the teaching/non-teaching staff working in a school/college
• You should be drawing salary through Canara Bank along with an undertaking letter from salary disbursing authority at District/Block level

Canara Teachers Loan – Documents Required

• Stipulated Loan Application with 2 passport size photographs
• Latest Salary Certificate and Form No.16
• Co-obligation where applicable
• Pronote/Pronote Covering Letter

This loan is offered to individuals so that they can purchase brand new durable utility articles, computers/laptops, home appliances including furniture, electronic gadgets, etc.

Canara Consumer Loan – Interest Rates and Fees

 Canara Consumer Loan – Eligibility Criteria

• You should be a salaried professional, a businessman or a professional
• If you are a salaried individual, your minimum monthly net salary should be 40% of gross salary or Rs. 6000, after meeting the installment for the proposed loan. Also, your salary should be credited to Canara Bank
• If you are a professional and other non- salaried personal, your minimum annual net income should be Rs. 1,50,000/- evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR)

Canara Consumer Loan – Documents Required

• Loan Application with 2 copies of passport size photographs
• Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years
• Invoice of the article proposed to be purchased

Calculating Canara Bank EMI before applying for personal loan helps you in making sure that the loan EMIs does not disturb your monthly budget. It also helps in reducing the risk of defaulting on your loan. Finding an EMI that best suits your requirement through manual calculations is a tedious task, therefore, we, at Paisabazaar.com, offer you a Personal Loan EMI calculator. This online tool helps you find an EMI (Equated Monthly Instalments) as per your eligibility just by filling the following information:

• Loan amount
• Tenure
• Interest rate

• You can call on 1800 425 0018 (24x 7 works all the days except on 15th Aug, 2nd Oct & 26th Jan)
• You can visit the nearest branch

The minimum credit score to apply for Canara Bank personal loan should be 750.

You can opt for Canara Budget to deal with such a situation.